Poll: 40% in Biden’s America Rely on Lottery to Buy Homes

Americans Doubtful They Can Ever Afford a Home in President Biden’s America

A recent poll has revealed that many Americans are skeptical about their ability to afford a home in President Joe Biden’s America. According to a survey conducted by market research company OnePoll on behalf of Divvy Homes, 40 percent of non-homeowners believe that winning the lottery is their best chance at homeownership.

New Data: Many Americans feel they’ll only ever own a home If they win the lottery, inherit money, or marry richhttps://t.co/cmaZsaDddD pic.twitter.com/bP6BLorwJj

— Divvy Homes (@divvyhomes) June 26, 2023

The survey also found that 26 percent of respondents believe they would need to inherit money in order to own a home, while 19 percent said they would have to marry someone rich.

Only 53 percent of non-homeowners are confident that they will ever save enough money to buy a house, according to the poll. Additionally, 56 percent of respondents said they would be denied a mortgage if they applied for one now.

Adena Hefets, co-founder and CEO of Divvy Homes, expressed concern about the challenges facing potential homebuyers. She stated, “There are so many factors putting downward pressure on a potential homeowner’s buying power… that the starter home seems to be on the verge of extinction.”

The survey revealed that respondents believe they would need to earn an average of $76,000 per year and have at least $45,000 in savings for a down payment in order to afford a starter home. Forty-four percent of those surveyed said they would be willing to take on a second job or have a side gig to afford a home.

Home affordability is declining, with major homeownership expenses consuming about a third of a family’s monthly income on average. The median value of a single-family home is now $250,000.

@Attomdata‘s Q2 2023 U.S. #HomeAffordability report shows that #affordability has worsened across the nation amid a renewed jump in #homeprices that has pushed the typical portion of #wages required for major homeownership expenses up to 33%: #propertydata https://t.co/zscfkzNVvY pic.twitter.com/TmywynlXP7

— ATTOM (@Attomdata) June 29, 2023

While some experts believe that the housing market could stabilize, others are doubtful. Orphe Divounguy, senior economist at Zillow, warned that unless the shortage of smaller, more affordable homes is addressed, the situation will only worsen over time.

Overall, the poll highlights the growing concerns and challenges faced by Americans who aspire to own a home in today’s economic climate.

Source: The Western Journal

*As an Amazon Associate I earn from qualifying purchases